Rollback

ARTICLES ABOUT ROLLBACK BY DATE - PAGE 4

CHENNAI: Describing the revision of railway fares as unjustifiable, Tamil Nadu Chief Minister Jayalalithaa today said the latest proposal would put an additional financial burden of about Rs 1,150 crore on the people and demanded its immediate 'rollback'. The Railways has decided to increase the passenger fare and freight tariff by about two per cent from tomorrow to offset the financial burden arising out of increased input cost. "For the next six months about Rs 1,150 crore financial burden has been placed on people through the revision of railway fares.

NEW DELHI: Comparing the frequent hikes in petrol and diesel prices to a "Jizya tax" on the people, BJP today said the government has increased the prices by 25 to 30 per cent since January this year and demanded a rollback. "BJP condemns the continuous increase in price of petrol and diesel. This is absolutely unacceptable. Government's contention that it is due to hike in global prices is unfair and untrue. How much will this government loot the people," party spokesperson Prakash Javadekar said.

KOLKATA: Samsung India remained non-committal on rolling back prices of its consumer electronics products despite the steady rupee gain. "Very difficult to say," Samsung India Electronics Sr VP (CE division) Atul Jain said here today when asked whether the company would consider rolling back the price increase it effected recently on account of rupee depreciation. Samsung said it had raised product prices between 3-5 per cent on an average due to the rupee fall. "Let's see how it goes.

NEW DELHI: The issue of rise in fuel prices reverberated in the Lok Sabha today with several members demanding an immediate rollback and blaming "poor economic policies" of the UPA government for the frequent hikes. Several members had moved adjournment motions to raise the issue, but Speaker Meira Kumar said she has not accepted the demand. She said they would be allowed to raise the issue during Zero Hour. As soon as the House met for day, BJP members raised the issue of missing coal files.

After a slew of measures to stabilise the rupee and address the current account deficit, the finance ministry now wants to switch to a wait-and-watch mode. Economic affairs secretary Arvind Mayaram , in an interview to ET, says he is confident that the economy will start responding to the recent reforms initiatives and that the country should manage growth upwards of 5.5% this year. Excerpts: Is government going to take more measures to stabilise rupee that breached 62 to the dollar last Friday?

MUMBAI: RBI Governor D Subbarao today said liquidity tightening steps were not a panic reaction and he refused set a timeline to reverse them, justifying the measures to tame the rupee and keep policy rates unchanged. "We are as anxious as anyone else to roll these back. But getting locked into a time frame is both not feasible and inadvisable," Subbarao told reporters at the customary post-policy meeting here this afternoon. "The RBI is sensitive to the short-term costs of these tight liquidity measures on economic activity.

MUMBAI: Yields on ten year benchmark government bonds dropped 10 basis points as Reserve Bank of India maintained a status quo on key policy rates. Yields on ten year bonds fell to 8.06% from 8.16% before the RBI quarterly monetary policy announcement. One basis point is one hudnredth of a percentage point. The RBI has revised the gross domestic product growth downwards from 5.7% to 5.5% for FY 2014. The central bank said the liquidity tightening measures will be rolled back once the stability on the exchange rate is restored.

NEW DELHI: CPI today demaded withdrawal of recent decision to double the gas prices and asked the government to fix the rate in Indian rupees rather than in US dollars. Maintaining that the Cabinet decision to hike gas prices from USD 4.2 to USD 8.4 per unit would increase the burden on the people, CPI General Secretary S Sudhakar Reddy claimed that the decision was taken "despite opposition from Left Parties, your allies and even your cabinet ministers. " In a letter to Prime Minister Manmohan Singh , he alleged that the government's decision was taken "to satisfy RIL gas company which willfully reduced the gas production to 19 per cent in KG6 (basin)

By: Biswajit Baruah & R Sriram For nervous equity, bond and currency markets, this week's Federal Open Markets Committee's deliberations will be the most important event in a long, long time. The collapse of Lehman Brothers and the housing market crisis in the US in 2008 triggered an unprecedented response from global central banks which flooded the market with money hoping that the rising tide will lift all boats. Starting this week, markets expect such money printing to be pared back as the economy in the US improves and the risk of a bond bubble grows.